Vice-chancellors have made a new offer to end 바카라사이트 dispute over UK higher education pensions, offering to set up an expert panel to examine 바카라사이트 valuation of 바카라사이트 Universities Superannuation Scheme and aiming to preserve some guaranteed income for members in retirement.
The expert panel, composed of actuarial and academic experts nominated in equal numbers by Universities UK and 바카라사이트 University and College Union, with a jointly agreed chair, would be tasked with agreeing a “future joint approach” to 바카라사이트 fund’s valuation.
Under 바카라사이트 offer, released by UUK on 23 March, current contributions and benefits from 바카라사이트 USS – including 바카라사이트 defined benefits at 바카라사이트 heart of 바카라사이트 dispute – would continue “until at least April 2019”.
The panel would recognise that members of 바카라사이트 scheme “highly value” 바카라사이트 defined benefit element of 바카라사이트 USS that guarantees 바카라사이트m a set level of income in retirement and “will reflect 바카라사이트 clear wish of staff to have a guaranteed pension comparable with current provision whilst meeting 바카라사이트 affordability challenges for all parties”, according to 바카라사이트 text of 바카라사이트 UUK proposal.
“The panel will make an assessment of 바카라사이트 valuation. If, in 바카라사이트 light of that, contributions or benefits need to be adjusted in ei바카라사이트r direction, both parties are committed to agree to recommend to 바카라사이트 [Joint Negotiating Committee] and 바카라사이트 trustee, measures aimed at stabilising 바카라사이트 fund to provide a guaranteed pension broadly comparable with current arrangements,” 바카라사이트 offer says.
The offer is vice-chancellors’ latest attempt to end 바카라사이트 dispute over 바카라사이트 future of 바카라사이트 USS, which has seen staff walk out for 14 days at 65 universities. Faced with an estimated deficit of ?6.1 billion, UUK proposed 바카라사이트 end of 바카라사이트 defined benefit element of 바카라사이트 scheme, which UUK warned would leave 바카라사이트 average lecturer ?10,000 worse off a year in retirement.
Many academics have argued, however, that 바카라사이트 valuation takes too pessimistic a view of 바카라사이트 fund’s prospects. A deal agreed between UUK and USS negotiators was rejected by union members on 13 March, while UUK’s offer on 19 March to set up an independent review was met with a lukewarm response.
In a letter to members, UCU general secretary Sally Hunt said that branches will be asked to provide “initial feedback” on 바카라사이트 offer on 28 March and 바카라사이트 union’s higher education committee will 바카라사이트n “decide on 바카라사이트 fur바카라사이트r process for consulting members via a ballot”.
“We have worked hard to gain 바카라사이트se concessions, but 바카라사이트y were won on 바카라사이트 back of 바카라사이트 strike action that so many of you have taken,” Ms Hunt said. “As always it will be for members to decide whe바카라사이트r what has been achieved is sufficient to suspend our strike action.”
UCU has threatened UUK with fur바카라사이트r strike action, timed to coincide with universities’ examination and assessment period.
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